HOUSTON, March 18 /PRNewswire-FirstCall/ -- Copano Energy, L.L.C. (Nasdaq: CPNO) today announced the closing of the sale of 971,250 additional common units pursuant to the over-allotment option granted to the underwriters in connection with Copano's recent public offering of 6,475,000 common units, which closed on March 8, 2010. The underwriters of Copano's recent offering exercised in full their option to purchase 971,250 additional common units at a public offering price of $23.10 per common unit.
Copano intends to use the net proceeds from the offering to repay a portion of the outstanding indebtedness under its revolving credit facility and expects to use the increased borrowing capacity as needed for capital projects, acquisitions, hedging, working capital and general corporate purposes.
Morgan Stanley, BofA Merrill Lynch and Wells Fargo Securities acted as joint book-running managers of the offering, and Barclays Capital, J.P. Morgan, RBC Capital Markets and Ladenburg Thalmann & Co. Inc. acted as co-managing underwriters.
Houston-based Copano Energy, L.L.C. is a midstream natural gas company with operations in Oklahoma, Texas, Wyoming and Louisiana. Its assets include approximately 6,400 miles of active natural gas gathering and transmission pipelines, 250 miles of NGL pipelines and seven natural gas processing plants, with more than one billion cubic feet per day of combined processing capacity. For more information please visit www.copanoenergy.com.
This press release may include "forward-looking statements," as defined by the Securities and Exchange Commission. Statements that are not historical facts and instead address activities, events or developments that Copano believes will or may occur in the future are forward-looking statements. These statements are based on management's experience and perception of historical trends, current conditions, expected future developments and other factors management believes are appropriate in the circumstances. Such statements are subject to a number of risks and uncertainties, many of which are beyond Copano's control. These risks and uncertainties include the volatility of prices and market demand for natural gas and natural gas liquids; Copano's ability to continue to obtain new sources of natural gas supply; the ability of key producers to continue to drill and successfully complete and attach new natural gas supplies; Copano's ability to retain its key customers; general economic conditions; the effects of government regulations and policies; and other financial, operational and legal risks and uncertainties detailed from time to time in Copano's filings with the Securities and Exchange Commission.
Contacts: |
Carl A. Luna, SVP and CFO |
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Copano Energy, L.L.C. |
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713-621-9547 |
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Jack Lascar/[email protected] |
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Anne Pearson/[email protected] |
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DRG&E/713-529-6600 |
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SOURCE Copano Energy, L.L.C.
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